FT Explainer: Oil re-enters bear market - FT.com:
"Oil re-entered a bear market on Tuesday extending the previous day’s losses, when Brent crude — the international benchmark — recorded its biggest one-day sell-off since February.
After dropping more than 6 per cent on Monday, Brent fell a further 2 per cent in the next trading session to $55.40 a barrel. It is down more than a fifth from its year-high of $69.63 a barrel reached during intraday trading in May.
When prices fall by 20 per cent from their peak, this is commonly defined as a bear market. The renewed sell-off comes a year after the oil market started its descent from above the $100 a barrel level it had averaged for most of this decade."
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